The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-26
The Virginia State Debt.
To the People Of Virginia i:

+ 10 Ne icODt6 OF tUyutH
At a meeting of Virginia Bondholders, con
vened by the Council of Foreign BOndhOders
and held on Friday, the 2ith of September
1856. at the CannOn-Strect Hotel, London
the following resolutions were passed unani-
mously;
THAT this meeting deplOres the long contest
into which the bOndhOiders have been forced
for the maintenance of their rights and, while
asserting its steadfast determination not 10 ac-
cept the Rddlcbcrgcr settlement. which, IN
view of the admitted ability of Virginia 20 set
tie with her creditors, and the sacrifices they
have already made on her behalf, NJ considers
dishonest and unjust, hereby expresses ITS
willingness 10 meet the state and entertain "a
reasonable compromise based upon the pres
cnt taxation and the available revenue, AFTER
providing for the Constitutional appropriation
for government, schools, and other public eX-
pcnditurc.'
The state had the benefit OF the whole Of the
money she originally borrowed )S3iWOWO. IL
laid the foundation of her roads. railways and
canals. and has brought millions of dollars
into tine country. Had you not constructed
these public works with the bOndhOlders
money you would have 20 be taxed now for
them.
No State which borrowed money ever en-
jOycd the benefit of its loans more than Viz
gnia has done. See Senate Document AAlN.
Session, lSl1-'1S.I
The present unsettled condition of the debt
is keeping capital and immigration out of Nir-
GINA. and as long as matters so continue you
the State i'm the way they deserve.
The revenue OF Virginia is increasing. The
last assessment shows an increase of S5j,UO
90 i'm taxable values. Your present revenue
might be largely increased if the taxes were
more carefully collected and the present as
sessments on property e4ualized throughout
the State.
What might have been difficult to do IA few
years ago is easy now, and each year the bur
den will become lighter. When the debt ques-
ton is settled capital and enterprise, which
now holds alOOf will flow into the state.
The settlement offered by the bOndhOldcrs
proposes that the bonds now i'm existence bear
ing taX-recciYaOlc coupons should be deposited
i'm some trust company that new bonds should
be issued i'm their place, bearing no taX-rccciy
able coupons. and az low rate OF interest.
When the state Days "a half years interest ON
the new bonds the tax receivable coupons for
that half year shall be- cut on the old bonds 10y
the trust company, cancelled, and delivered 10
the State. Any increase on the present reyc-
nue will bc appropriated by the state, and
the DOudhOldCrs Will not have any claim on No..
There was cash balance last July i'm the
Treasury Of $1,000, and the average purchase
OF Riddlebcrgcr rs by the State has been at
the rate Of S6OOWO per annum I'm cash. The
State has some millions of dollars OF assets
which would help her I'm arranging settle
mont.
The bondholders are as deeply interested as
you are i'm maintaining the credit and prosper
ity of your State. They ask for fair hearing
and discussion of the question by business
men, and not by politicians whose interest il
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way of bringing about this settle
mcnt is for taxpayers 10 tender coupons in
payment Of their taxes In view of the con
cilatOry spirit and liberal offer made by the
creditors | venture respectfully 20 submit 10
yOu that IL is your moral duty. as well as your
taxes now due. JAMES p. COOPER.
nO26